INTRADAY STOCK TIPS FOR TODAY: Nifty Intraday | Nifty support and resistance level for 10 May 2011

Tuesday, May 10, 2011

Nifty Intraday | Nifty support and resistance level for 10 May 2011

Nifty has 5500-5443 support level and 5623-5635 resistance level.

sensex has 18250 support level and 18748 resistance level.

Nifty is establishing a pattern of falling tops and it indicates bearishness in Nifty in medium term time frame. Nifty plunging below 200 DMA is also a matter of concern.

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CapitalVia Global Research Head of Research Vivek Gupta said: "The good thing to cheer for the investors is that now they own a stake in the company which is much more clean in all the aspects and is amongst the top-five IT companies." Via moneycontrol.com Commenting on the outlook, the broking firm CapitalVia Global Research said, "Next week, if gold sustains above the level of 26,430 then by breaking the level of 26,890, it may touch the level of 27,250. But if it fails to sustain above 26,430 then may touch the level of then it may test the level of 25,311/25,200. For silver 42,800 may act as good resistance. For the next week, traders can sell on higher level strategy, if MCX Silver September futures sustains below 41,080 then it could test the levels of 40,340/ 39,900." Via myiris.com Vivek Gupta, head of research, CapitalVia Global Research said, "Technically, Nifty is likely to consolidate in the upcoming session and remain bullishly poised. Major resistance for upside is 6,080 with the crossing of which 6,150 can be touched. For downside, major support is at the level of 5,850 and 5,750."